Stand. Life UK Small - Net Asset Value(s)

STANDARD LIFE UK SMALLER COMPANIES TRUST PLC

Standard Life UK Smaller Companies Trust plc announces the following unaudited net asset values (NAVs) as at close of business on 23 May 2012. Unless otherwise disclosed, the NAVs have been calculated in accordance with the recommendations of the Association of Investment Companies. In particular: (1) financial assets have been valued on a fair value basis using bid prices, or, if more appropriate, a last trade basis; (2) debt is valued in accordance with the Company's accounting policies, consistent with IAS 32; and (3) diluted NAVs are disclosed where applicable (for this purpose, any treasury shares are excluded for the purposes of calculation).

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